2022 • A YEAR IN REVIEW
A Roller Coaster Ride of a Year
The buzzwords of early 2022 were “multiple offers,” but once summer hit the new buzzword became “rates.” The wild ride of rates started in the low 3%’s…hit a high of over 7% in the fall…and then by year’s end settled back into the 6%’s. Here’s a look back at other telling stats from 2022:
IN HENNEPIN COUNTY…
RECORD LOW INVENTORY – January marked the lowest number of homes for sale in over 20 years. By year’s end, inventory increased by a mere 5%.
FEWER SALES – In the beginning of the year, the market felt frantic – seeming like everyone was buying a house. Overall sales in 2022, however, fell dramatically (39%) compared to 2021.
MORE TIME ON MARKET – SOLD signs were being hung as fast as FOR SALE signs were going up. Through most of spring average market time stayed in the single digits. By summer: double digits, but still less than 14 days. By year’s end, the average market time increased to 24 days.
CITY SPOTLIGHT • Sales of Single Family Homes
|2022 AVG SALES PRICE||2021 AVG SALES PRICE||% CHG SINCE 2021|
|St. Louis Park||$395k||$375k||+5.3%|
|Lake Minnetonka Area||$1.1m||$944k||+18.3%|
To everyone who joined us on the ride this year…It had its ups and downs, but was exciting nonetheless!
Thank you for entrusting us with your real estate needs.
We look forward to 2023!
Be in touch if you’d like to get a plan in place for buying or selling in 2023! EMAIL US.